Bitcoins Investment: Cryptocurrency Exchanges Say 'Banks Reluctant to Do Business'

Bitcoin price continued to drop and remained under $34000-mark on Tuesday. The world’s largest cryptocurrency slumped 1.89 per cent in the last 24 hours to $33,813.12 at 0800 hours IST on July 6 on coinmarketcap.com Index. It has lost almost 50 per cent from its mid-April high amid crackdown against cryptocurrency around the globe. In the second quarter, Bitcoin fell around 40 per cent, one of the largest quarterly decline in the history of cryptocurrency. Strategists have cautioned the investors that a break below the key $30,000 level could spell trouble.

“Bitcoin has been pretty range-bound over the past days. The asset has been trading between $32,500 to $36,500 levels. The Bitcoin taproot upgrade is due soon, and while the impact of that of the same prices remains to be seen, this development is likely to have a  positive impact on the asset. Volumes have held up well, and the activity across the network is also good. Bitcoin remains the favourite, as the crypto markets ride the recovery trend,” said ZebPay trade desk.

“Bitcoin is facing stiff resistance around $36,000 to $36,500. Hence, to further rally the asset needs to trade and close above $36,500,” ZebPay added.

“The crucial support level of Bitcoin, at the $30,000-mark, would be closely tracked. If Bitcoin falls below that region, not only would several short positions become active, the price of other Altcoins would also take a toll,” said Edul Patel, chief executive and co-founder, Mudrex- A Global Crypto Trading Platform.

The global cryptocurrency market tanked 0.43 per cent to $1.42 trillion. Ether dropped to $2,232.44, 1.17 per cent on day. Ether dropped to $2,239.84, 0.68 per cent on a day. XRP fell 1.76 per cent to $0.665. Dogecoin tanked 2.98 per cent to $0.2349. However, Binace Coin and Cardano rose on Tuesday. While Binance coin jumped 2.35 per cent to $305.76, Cardano 0.69 per cent to $1.42.

“The past 24 hours were a period of profit booking across the crypto spectrum. Most cryptos lost the gains that were clocked over the weekend. This selloff should not come as a surprise as the overall momentum prevailing in the markets is bearish at the moment,” Patel added.

Take a look at the top cryptocurrencies and their prices on July 6 (data from coinmarketcap.com while publishing the article):

Bitcoin $33,930 -1.89 per cent change in 24 hours

Ethereum $2235.90 -1.10 per cent change in 24 hours

Binance Coin $305.16 1.95 per cent change in 24 hours

Cardano $1.42 -1.95 per cent change in 24 hours

Dogecoin $0.235 -2.95 per cent change in 24 hours

XRP $0.664 -2.16 per cent change in 24 hours

Polkadot $15.43 -1.23 per cent change in 24 hours

Bitcoin Cash $512.23 -0.95 per cent change in 24 hours

Litecoin $138.74 -1.86 per cent change in 24 hours

On the positive side, the Philippines Stock Exchanges becomes the first-ever stock exchange to show interest to launch an integrated cryptocurrency exchange. It stated that the importance of cryptocurrencies as an asset class cannot be further ignored. “This macro-event is a huge boost to the crypto industry as an increasing number of investors are currently turning towards cryptocurrencies for much-needed diversification,” Patel added.

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(Excerpt) Read more Here | 2021-07-05 19:44:00
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